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GM looks to China for growth

(Xinhua)
Updated: 2009-07-16 11:11

CHICAGO: Having emerged from bankruptcy protection last week, the new General Motors Co. is looking to the fast-growing Far Eastern markets, especially China, the Detroit News reported on Wednesday.

"When the dust settles from this automotive crisis, it'll be clear to see that Asia is the epicenter of growth," said Michael Dunne, managing director of J.D. Power and Associates' China operations.

China is on track this year to rival and possibly surpass the United States, with sales expected to exceed 11 million vehicles.

The main markets of the Asia-Pacific region stretching from India to Japan are expected to generate combined sales of more than 21 million cars and trucks this year, roughly double the sales forecast for the United States, according to J.D. Power.

Related readings:  New GM emerges, exits bankruptcy  New GM expected to exit Chapter 11  GM public float likely in 2010  GM's China sales accelerate in first half  GM JV sells two millionth Buick in China

As a new GM emerged from bankruptcy last Friday, CEO Fritz Henderson said Nick Reilly, the Shanghai-based president of GM Asia Pacific, would remain in China as the new head of international operations.

Reilly, a well-traveled British native, knows GM's overseas operations, having worked for the automaker in many countries.

"They're putting money on a strong horse. Reilly has a very good reputation," said analyst Jim Hossack at consulting firm AutoPacific Inc. in Tustin, California.

Prior to taking over management of GM Asia Pacific, Reilly worked in the Republic of Korea at GM Daewoo Auto and Technology Co., which develops many Chevrolet models sold worldwide.

He joined GM's Detroit Diesel Allison division in Britain in 1975, and went on to work for GM in Belgium, Mexico and the United States. After returning to Britain, he became chairman of Vauxhall, the brand under which Opel cars are sold there, in 1996.

He was promoted five years later to head of marketing for GM Europe, then transferred to Seoul in 2002 to lead the transition team forming GM Daewoo.

With US auto sales down dramatically, China may achieve that ranking as early as this year, the report said.

The China Association of Automobile Manufacturers raised its annual sales forecast to 11 million this week from 10.2 million after a tax incentive plan boosted demand by 36.5 percent in June. For the first half of 2009, Chinese vehicle sales were up 17.7 percent at 6.1 million.

US sales are expected to range between 10 million and 11 million vehicles this year, although a cash-for-clunkers program going into force later this month may increase demand.

In the first half of 2009, GM's sales with its Chinese venture partners were up 38 percent at 814,442 vehicles, including Wuling- brand mini-vehicles.